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56
The Australian Industry Group Exporters Guide 2017--2018
FOCUS ON AUSTRALIA'S GROWTH MARKETS
Key markets at a glance:
China
Why China? Opportunities for Australian
businesses
Is there any label that can do justice to modern
China? Asian giant, global powerhouse,
economic phenomenon -- all are true but
somehow inadequate descriptions for
the extraordinarily powerful position that
the People's Republic of China has come
to occupy in the world economic order.
Forty years ago, after a long period of
economic stagnation, China was not in the
world's top eight economies. Today, thanks
to a breathtaking social and economic
transformation that began in the late 1970s,
China is on track to overtake the United States
as the world's number one economy within a
few decades, if not sooner. By some measures,
it has already done so. We are living in what
many are now calling 'The Chinese Century'.
The irresistible rise of China has implications and
consequences for us all on so many levels, but
for the purposes of this guide, it largely comes
down to one word: opportunity. For Australia,
and Australian businesses in particular, has there
ever been an opportunity like China?
Consider some key facts:
» China is home to more than 1.37 billion
people -- or about 57 times the population
of Australia.
» China is the world's number one trading
nation and manufacturer by output.
» In 2016, Chinese gross domestic product
(GDP) is estimated to have topped
USD$11.39 trillion -- second only to the
United States.
» China's GDP growth rate over the past three
decades has often bypassed 10 per cent,
and consistently exceeded seven per cent.
» As the Chinese economy matures, annual
GDP growth is still tipped to exceed fve
per cent.